Final answer:
The statement that shows the changes in partners' capital accounts for a specific time period is the statement of partners' capital, not the balance sheet which provides a financial snapshot of assets and liabilities.
Step-by-step explanation:
The financial statement that shows the changes in each partner's capital account for a specific period of time is known as the statement of partners' capital. This statement tracks the individual contributions, withdrawals, shares of profit or loss, and other changes in each partner’s equity in the business over a certain period. It is not the balance sheet, which is often misconstrued as a statement showing such details. The balance sheet, or T-account, presents a snapshot of the company’s financial position at a single point in time with a two-column format for "Assets" and "Liabilities".